2期

最新文章

• Managing stock option expense: The manipulation of option-pricing model assumptions AI翻译
  作者：Johnston, Derek
  作者单位：Colorado State University System; Colorado State University Fort Collins
  摘要：This paper examines whether firms that voluntarily recognize stock option expense in their financial statements manage that expense downward more than firms that do not recognize the expense by adjusting option-pricing model assumptions. To examine this issue, I collect option-pricing model assumptions from fiscal year 2002 for both a sample of firms that voluntarily recognize stock option expense (recognizing firms) and a sample of control firms that do not (disclosing firms). The empirical r...
• How has regulation FD affected the operations of financial analysts? AI翻译
  作者：Mohanram, Partha S.; Sunder, Shyam V.
  作者单位：Columbia University; Northwestern University
  摘要：In this paper, we analyze how financial analysts generate information, make decisions about firm coverage, and try to maintain their forecasting accuracy after the passage of Regulation Fair Disclosure (Reg FD). Using the model developed by Barron, Kim, Lim, and Stevens 1998, we find that analysts are investing more effort in idiosyncratic information discovery. In order to do this, individual analysts appear to be reducing coverage for well-followed firms while increasing coverage of firms th...
• Information uncertainty and analyst forecast behavior AI翻译
  作者：Zhang, X. Frank
  作者单位：Yale University
  摘要：Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sell-side analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revisions following good (bad) news, which corroborates previous findings on the post-analyst-revision dr...
• Ownership structure, business group affiliation, listing status, and earnings management: Evidence from Korea AI翻译
  作者：Kim, Jeong-Bon; Yi, Cheong H.
  作者单位：Hong Kong Polytechnic University
  摘要：Using a large sample of both publicly traded and privately held firms in South Korea (hereafter Korea), we investigate whether, and how, the deviation of controlling shareholders' control from ownership, business group affiliation, and listing status differentially affect the extent of earnings management. Our study yields three major findings. First, we find that as the control-ownership disparity becomes larger, controlling shareholders tend to engage more in opportunistic earnings managemen...
• An economic analysis of audit and nonaudit services: The trade-off between competition crossovers and knowledge spillovers AI翻译
  作者：Wu, Martin G. H.
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：In this paper, I present a model in which both markets for audit services and nonaudit services (NAS) are oligopolistic. Accounting firms providing both audit services and NAS will employ oligopolistic competition in each of these markets. In addition to auditors' gaining knowledge spillovers from auditing to consulting or vice versa, oligopolistic competition in one market will influence the counterpart in the other market - what I call competition crossovers. Although scope economies due to ...
• Information uncertainty and analyst forecast behavior AI翻译
  作者：Zhang, X. Frank
  作者单位：Yale University
  摘要：Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sell-side analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revisions following good (bad) news, which corroborates previous findings on the post-analyst-revision dr...